Vancouver-based Neovasc, which makes the Reducer refractory angina device and the Tiara transcatheter mitral valve replacement, said its losses grew 122.3% to -$12.9 million, or -70¢ per share, as sales fell -65.0% to $480,540 for the three months ended Sept. 30. Although the top-line number was in-line with the consensus forecast, analysts on Wall Street were looking for losses of -21¢ per shares.
The results pushed NVCN shares, which closed down -3.8% at $1.79 apiece yesterday, were off -22.9% at $1.38 per share today in pre-market trading.
“In the first nine months of 2018, we successfully managed several critical corporate events and achieved many significant therapy development milestones for both of our product platforms. As a result, the company is now on a stronger foundation from which to continue advancing our product development, clinical and commercial programs for the Reducer and Tiara,” president & CEO Fred Colen said in prepared remarks. “While there are still challenges to overcome, we have developed a clear value creation strategy for the company’s patients, employees, and investors alike. This will be achieved through our team’s proven ability to deliver on the well-defined critical future milestones we have established for our two product platforms, the Tiara and the Reducer.”